U.S. Postal Service Facing Fiscal Cliff
By: CNN
Updated: January 11, 2013
The U.S. Postal Service is facing its own fiscal cliff.
According to a postal service financial report, by March the agency will have about $1 billion in cash, that's barely enough to run the postal service for four days.
If nothing is done, you could see cutbacks in mail delivery and job cuts at the post office.
The trouble seems to have started in 2006, when a congressional mandate forced the postal service to pre-fund healthcare benefits for future retirees.
Officials say before that, the postal service had no debt.
Adding to the problem: Fewer people use the mail for bill paying and keeping in touch, thanks to technology.
Postal officials are now hoping Congress will step in to help get the agency out of this financial bind.
According to a postal service financial report, by March the agency will have about $1 billion in cash, that's barely enough to run the postal service for four days.
If nothing is done, you could see cutbacks in mail delivery and job cuts at the post office.
The trouble seems to have started in 2006, when a congressional mandate forced the postal service to pre-fund healthcare benefits for future retirees.
Officials say before that, the postal service had no debt.
Adding to the problem: Fewer people use the mail for bill paying and keeping in touch, thanks to technology.
Postal officials are now hoping Congress will step in to help get the agency out of this financial bind.
